The Knowledge Base: The Era of Advanced Packaging
Standard of Excellence: Finding and Developing Future Leaders in Manufacturing
Global Sourcing Spotlight: Navigating the Variables of Holiday Schedules in Global Sourcing
Sanmina Posts Q1 FY2018 Revenue of $1.74B
February 6, 2018 | Sanmina Corp.Estimated reading time: 2 minutes
Sanmina Corp. has reported a revenue of $1.74 billion for the first fiscal quarter ended December 30, 2017, down from $1.76 billion in the prior quarter, but up from the same period in fiscal 2017.
GAAP operating income in the first quarter was $13.8 million or 0.8 percent of revenue, compared to $58.7 million or 3.4% of revenue for the first quarter fiscal 2017. GAAP net loss in the first quarter was $154.9 million, compared to GAAP net income of $44.9 million for the same period a year ago. GAAP loss per share was $2.16, compared to GAAP diluted earnings per share of $0.58 in the first quarter of fiscal 2017.
Non-GAAP operating income in the first quarter was $47.5 million or 2.7% of revenue, compared to $71.7 million or 4.2% of revenue in the first quarter fiscal 2017. Non-GAAP net income in the first quarter was $36.5 million, compared to $57.7 million in the same period a year ago. Non-GAAP diluted earnings per share for the quarter was $0.48, compared to $0.75 for the same period a year ago.
"As I mentioned in our preliminary announcement last week, we are disappointed with our actual results for the first quarter and expectations for the first half of fiscal 2018," stated Bob Eulau, CEO of Sanmina. "Based on new programs moving to volume production, a solid pipeline of new business and the current forecasts from our customers we are confident the second half of fiscal 2018 will be stronger."
"I am excited about the opportunities ahead and the unique value Sanmina brings to its customers. We have a dedicated and experienced team that is focused on operational excellence, driving improvements and optimizing our cost structure as we continue to execute on our strategy," concluded Eulau.
Balance Sheet Summary
- Ending cash and cash equivalents were $404.9 million
- Cash flow from operations was $8.4 million
- Inventory turns were 6.1x
- Cash cycle days were 46.1 days
Second Quarter Fiscal 2018 Outlook
The following forecast is for the second fiscal quarter ending March 31, 2018. These statements are forward-looking and actual results may differ materially.
- Revenue between $1.60 billion to $1.70 billion
- GAAP diluted earnings per share between $0.20 to $0.30, including stock-based compensation expense of $0.17 and amortization of intangible assets and restructuring costs of $0.03
- Non-GAAP diluted earnings per share between $0.40 to $0.50
About Sanmina
Sanmina Corporation is a leading integrated manufacturing solutions provider serving the fastest growing segments of the global Electronics Manufacturing Services (EMS) market. Recognized as a technology leader, Sanmina provides end-to-end manufacturing solutions, delivering superior quality and support to Original Equipment Manufacturers (OEMs) primarily in the communications networks, storage, industrial, defense, medical, energy and industries that include embedded computing technologies such as point of sale devices, casino gaming and automotive. Sanmina has facilities strategically located in key regions throughout the world. More information about the Company is available at www.sanmina.com.
Share on:
Suggested Items
Sanmina Appoints Jon Faust as Executive Vice President and Chief Financial Officer
12/06/2023 | SanminaSanmina Corporation, a leading integrated manufacturing solutions company, announced that Jon Faust has been appointed Executive Vice President and Chief Financial Officer, effective December 18, 2023. Kurt Adzema, who previously held this role, will remain with the Company in an advisory capacity until January 5, 2024.
American Made Advocacy: Member Profile on Hari Pillai
12/05/2023 | Shane Whiteside -- Column: American Made AdvocacyFor this month's PCBAA Member Profile, the focus is on Hari Pillai, president, Technology Components, Sanmina. Hari says, "I think I’ve had a good dose of luck throughout my career. But beyond luck, I had a vision to become a general manager as far back as my undergraduate years. I made all my career decisions based on that. My evaluation criteria was always, “How does this opportunity get me closer to my goal?” Sometimes opportunities come from unexpected places."
Sanmina Reports Q4, Fiscal 2023 Financial Results
11/07/2023 | SanminaSanmina Corporation, a leading integrated manufacturing solutions company, reported unaudited financial results for the fourth quarter and fiscal year ended September 30, 2023 and outlook for its fiscal first quarter ending December 30, 2023.
Sanmina, Reliance Complete Previously Announced Manufacturing Joint Venture Transaction in India
10/06/2022 | Sanmina Corp.Sanmina Corporation, a leading integrated manufacturing solutions company and Reliance Strategic Business Ventures Limited (RSBVL), a wholly-owned subsidiary of Reliance Industries Limited (RIL), India's largest private sector company, announced they have completed the previously announced joint venture transaction.
Sanmina, Reliance Create Manufacturing Joint Venture in India
03/08/2022 | Sanmina Corp.Sanmina Corporation announced that they have entered into an agreement to create a joint venture through an investment in Sanmina’s existing Indian entity (Sanmina SCI India Private Ltd, “SIPL”).